PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, April 20, 2021
April 20, 2021
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Major Developments
U.S. Small Business Administration
SBA Announces Official Restaurant Revitalization Fund Application and Guidelines
April 18, 2021
U.S. Small Business Administration (SBA) Administrator Isabella Casillas Guzman announced key details on application requirements, eligibility and a program guide for the Restaurant Revitalization Fund (RRF). The American Rescue Plan established the $28.6 billion RRF at the SBA. The SBA will administer the RRF to support the hardest-hit small restaurants.
Administration Changes
Appointments/Confirmation Hearings
Department of the Treasury – Janet Yellen (effective January 26, 2021)
Consumer Financial Protection Bureau – Rohit Chopra (Nominee)
- Acting Director: Dave Uejio (January 20, 2020)
- Confirmation hearing held on March 2, 2021
- Committee approval March 10, 2021
- Toomey Opening Statement During Chopra, Gensler Nomination Hearing (March 2, 2021)
Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)
- Statement by Acting Chair Allison Herren Lee and Commissioners on Confirmation of Gary Gensler (April 14, 2021)
- Statement by FINRA President and CEO Robert W. Cook on Confirmation of Gary Gensler (April 14, 2021)
- Statement by Senate Committee on Banking, Housing, and Urban Affairs Chair Sherrod Brown on Confirmation of Gary Gensler (April 14, 2021)
- Statement by House Financial Services Committee Chair Maxine Waters on Confirmation of Gary Gensler (April 15, 2021)
- Gary Gensler Names Initial Executive Staff Members (April 19, 2021)
Small Business Administration – Isabel Guzman (effective March 16, 2021)
Commodity Futures Trade Commission
Financial Crimes Enforcement Network
- FinCEN Announces Acting Director and New Deputy Director (April 2, 2021)
- Statement from Treasury Deputy Secretary Adeyemo on Leadership Announcement (April 2, 2021)
National Credit Union Administration – Todd M. Harper
Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)
Department of Education – Dr. Miguel Cardona (effective March 2, 2011)
- U.S. Department of Education Announces More Biden-Harris Appointees (April 9, 2021)
- Statement by Secretary Cardona on President Biden's Nomination of Gwen Graham (April 16, 2021)
Congress
Click here to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), Enacted March 27, 2020.
Click here to view the full text of the Paycheck Protection Program Increase Act of 2020, Enacted April 24, 2020.
Click here to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Enacted June 5, 2020.
Click here to view the full text of the Consolidated Appropriations Act, 2021, Enacted December 27, 2020.
Click here to view the full text of the American Rescue Plan of 2021, Enacted March 11, 2021.
Click here to view the full text of the PPP Extension Act of 2021, Enacted March 30, 2021.
Click here to view a running list of proposed legislation from the Senate Committee on Banking, Housing, and Urban Affairs, Senate Committee on Small Business and Entrepreneurship, House Committee on Financial Services, and House Committee on Small Business.
Federal Agencies
U.S. Department of the Treasury
Treasury Announces Coordinated Climate Policy Strategy with New Treasury Climate Hub and Climate Counselor
April 19, 2021
The U.S. Department of the Treasury (Treasury) announced a coordinated climate policy strategy on domestic and international policymaking, leveraging finance and financial risk mitigation to confront the threat of climate change. Treasury plans to focus on the broad range of its climate-related policy work connected to (i) climate transition finance, (ii) climate-related economic and tax policy and (iii) climate-related financial risks.
Federal Reserve Board
Results of Analytical Testing of the Board's Publicly Reported Data for the Main Street Lending Program
April 19, 2021
The Office of Inspector General (OIG) of the Board of Governors of the Federal Reserve System (Board) and Consumer Financial Protection Bureau released a report titled “Results of Analytical Testing of the Board’s Publicly Reported Data for the Main Street Lending Program.” The report documents inaccuracies that the OIG identified in the Board’s publicly reported transaction disclosure data for the Main Street Lending Program.
Federal Reserve Bank of New York
SCE Labor Market Survey
April 19, 2021
The Federal Reserve Bank of New York’s Center for Microeconomic Data released the March 2021 Survey of Consumer Expectations Labor Market Survey. According to the survey results, among the respondents who were employed four months ago, 97.3% were still employed in March 2021, compared to 95.3% in November 2020 and 89.1% in March 2020. The increase was primarily due to a decline in transitions out of the labor force (which fell to 1.3% in March 2021 from 4% in November 2020).
Conference of State Bank Supervisors
Community Bankers’ Prospects on Profits Drive Outlook
April 19, 2021
The Conference of State Bank Supervisors released a blog post titled “Community Bankers’ Prospects on Profits Drive Outlook.” According to the post, community bankers are expecting higher profits, which in turn is making them more optimistic about the future economy.
Federal Deposit Insurance Corporation
Chairman McWilliams’ Speech: Reimagining Mission-Oriented Banking
April 19, 2021
Jelena McWilliams, Chairman of the Federal Deposit Insurance Corporation, gave remarks at the National Community Investment Fund Conference titled “Reimagining Mission-Oriented Banking.”
U.S. Securities and Exchange Commission
SEC’s New York and San Francisco Regional Offices to Co-Host a Webcast Exploring the Experiences of Tech Entrepreneurs of Color When Capital Raising
April 19, 2021
The Securities and Exchange Commission announced that its New York and San Francisco regional offices will co-host a virtual event discussing the experiences of tech entrepreneurs of color when raising capital for businesses. The event will be on April 27, 2021, from 4 to 5:30 p.m. Eastern and is free to the public via live webcast.
Consumer Financial Protection Bureau
CFPB Rule Clarifies Tenants Can Hold Debt Collectors Accountable for Illegal Evictions
April 19, 2021
The Consumer Financial Protection Bureau (CFPB) issued an interim final rule in support of the Centers for Disease Control and Prevention (CDC)’s eviction moratorium. The CFPB’s rule requires debt collectors to provide written notice to tenants of their rights under the eviction moratorium and prohibits debt collectors from misrepresenting tenants’ eligibility for protection from eviction under the moratorium.
Equal Employment Opportunity Program Status Report for Fiscal Year 2020
April 19, 2021
The Consumer Financial Protection Bureau (CFPB) released its Equal Employment Opportunity (EEO) Program status report for fiscal year 2020. The report includes CFPB’s activities undertaken pursuant to its EEO Program, a description of the internal assessments CFPB has conducted to identify and prevent barriers to employment in the workplace, a plan that sets forth steps CFPB will take in the future to correct deficiencies or further improve the EEO Program, and data capturing the race, national origin, gender, and disability status of CFPB’s workforce.
U.S. Department of Housing and Urban Development/Federal Housing Administration
Federal Housing Administration Revises Standard Single Family Servicing Policies
April 19, 2021
The Federal Housing Administration (FHA) announced the publication of its update to the Servicing and Loss Mitigation section of the FHA Single Family Housing Policy Handbook 4000.1. The update streamlines many standard operational requirements for mortgage servicers, including revising FHA’s loss mitigation home retention “waterfall” so that servicers can more quickly offer effective loss mitigation home retention options to borrowers in danger of losing their homes to foreclosure.
International
Bank of England
Bank of England Statement on Central Bank Digital Currency
April 19, 2021
The Bank of England and HM Treasury announced the joint creation of a Central Bank Digital Currency (CBDC) Taskforce to coordinate the exploration of a potential UK CBDC.
Bank of England Publishes Policy for Omnibus Accounts in RTGS
April 19, 2021
The Bank of England published a policy regarding omnibus accounts, a new type of account available at part of its Real-Time Gross Settlement service.
Bank of England Prudential Regulation Authority
PRA Statement on the Regulatory Treatment of Retail Residential Mortgage Loans under the Mortgage Guarantee Scheme
April 19, 2021
The Bank of England Prudential Regulation Authority released a statement to clarify the treatment of the 2021 HM Treasury’s Mortgage Guarantee Scheme (MGS). The purpose of the statement is to provide information on capital, notification, disclosure and reporting requirements for loans under the MGS as set out in relevant UK legislation.
UK Financial Conduct Authority
Second Consultation on New Prudential Regime for UK Investment Firms
April 19, 2021
The UK Financial Conduct Authority (FCA) has asked UK investment firms for feedback on introducing the UK Investment Firm Prudential Regime for FCA prudentially-regulated investment firms.
FCA makes Key Sustainability and Technology Hire
April 19, 2021
The UK Financial Conduct Authority (FCA) has appointed Sacha Sadan as Director of Environment Social and Governance.